Maryland companies may raise more than $1 billion in venture capital this fiscal year, which would make 2020 the strongest year in venture capital on record for the state.
Companies in the state have raised a collective $828 million through 61 VC funding deals in the first three quarters of 2020, according to data reported in quarterly PwC/CB Insights MoneyTree Reports. If firms keep up the same fundraising pace they’ve held through those quarters, investment into Maryland businesses is projected to reach $1.104 billion by the end of 2020, said Brad Phillips, director of emerging company services for PricewaterhouseCoopers. That would be the second-largest collective sum Maryland’s growing companies have ever raised in a single year. The highest-ever amount came in 2018, when firms statewide raked in $1.15 billion across 93 funding deals.
“It’s fair to say that through three quarters of 2020, the pace of funding into Maryland-based companies is historically high,” Phillips said.
